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Preliminary Ratings Assigned In BBVA's Fourth Spanish CLO Of SME Loans Sep 05 Product Image

Preliminary Ratings Assigned In BBVA's Fourth Spanish CLO Of SME Loans Sep 05

  • Published: September 2005
  • Region: Spain
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Sept. 7, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €1.25 billion mortgage-backed floating-rate notes to be issued by BBVA-4 PYME, Fondo de Titulización de Activos, an SPE (see list below). The originator is Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), the second-largest Spanish banking group and the ninth in the Eurozone by market capitalization. At closing, BBVA will sell to BBVA-4 PYME a €1.25 billion closed portfolio of secured and unsecured loans granted to Spanish SMEs. To fund this purchase, Europea de Titulización, SGFT, S.A., as trustee, will issue four classes of floating-rate, quarterly paying notes on behalf of BBVA-4 PYME. BBVA-4 PYME is the fourth CLO completed...

Companies mentioned in this report are:
- BBVA-4 PYME Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

Action: Outlook: Developing
Action: Preliminary Rating

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- BBVA-4 PYME Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

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